Debt concerns `may delay retirement`

26 May 2009

Almost two thirds of over-50s say they may need to delay their retirement because their savings and pensions have been affected by the recession, according to a new survey.

60% of respondents to the survey by Help The Aged and Age Concern felt they may have to work longer than planned because of the recession.

In recent months, savers have seen their returns fall significantly due to the low base rate, meaning that pensioners who rely on savings interest to supplement their income may be at risk of debt.

Meanwhile, pension schemes have been hit by a turbulent stock market, again meaning that many pensioners face getting into debt to afford their day-to-day costs.

A debt expert for Think Money said: "Not everyone associates debt with older people, but they can be just as vulnerable as anyone else in these difficult times.

"It`s important that anyone who finds themselves struggling seeks debt advice early, before those debts can grow any bigger."

---

Think Money offer a range of debt solutions, including debt management, debt consolidation loans and IVAs (Individual Voluntary Arrangements). If you are worried about your debt, contact one of our expert debt advisers today.

Tags: debt, concerns, pension, pension schemes, saving, savers, base rate, retirement, credit crunch, recession, economy, retirement debt, retire with debt, debt advice

Our initial advice on your best financial solution is free. Fees payable when continuing service is provided. Calls may be recorded for training and quality purposes.